Consolidation at the end of the first year subsequent to date of acquisition-Cost method (purchase price equals book value) Assume the parent company acquires its subsidiary on January 1,2022, by exchanging 20,000 shares of its $1 par value Common 5tock, with a market value on the acquisition date of $60 per share, for all of the outstanding voting shares of the acquiree. You have been charged with preparing the consolidation of these two companies at the end of the first year. On the acquisition date, all of the subsidiary's assets and liabilities had fair values equaling their book values. The parent uses the cost method of consolidation Equity investment bookkeeping. Following are financial statements of the parent and its subsidiary for the year ended December 31.2022. a. Prepare the journal entry to record the acquisition of the subsidiary. b. Prepare the consolidation entries for the year ended December 31,2022. c. Prepare the consolidated spreadsheet for the year ended December 31,2022